Client Tip for November 2015: Long-term Care Insurance
Long-term Care Insurance
As the cost of nursing home care continues to go up, the need for long-term care insurance increases. It can be difficult to determine the coverage needed and the type of benefits that would be covered by a policy. Time must be taken to properly research the terms and provisions of the policies you are considering including the following:
- Determine your coverage needs, what are the cost of facilities in your area.
- Buy a policy that provides for annual inflation protection. Coverage at current cost may not be sufficient just a few years from now.
- Delaying the time after you enter the home and the time your coverage starts can make a large difference in your premiums. How much can you afford to pay before your coverage begins?
- Evaluate the types of coverage a policy will cover; in-home care, adult day-care, assisted living facility, etc.
This is only a few of the items you need to research before buying a policy. Long-term care insurance is similar to property and casualty insurance. You hope you will never need it, but if you do you are glad you have it.